While nothing is perfect, the advent of Insurtech is freeing many brokers from mundane tasks and allowing them to focus on program gaps and other important considerations.
“A machine can build a bias without us knowing it. I mean, you feed it enough data, you can tell it to ignore racial profiles, but you never know how the machine does it.”
Swiss Re’s Andreas Berger says his company has placed a significant human resources investment in technology platforms that should make it easier for brokers and insureds to analyze risks.
On-board sensors, telematics and wearables present ample opportunity for carriers and their insureds to collect and put to good use loss-prevention data. However, the Holy Grail in this endeavor is sharing that data in a transparent, collaborative way.
During an hour-long webinar presented by the International Insurance Society, experts dive into how insurance can replace legacy systems with new claims technologies.
At St. Joseph’s University, future risk management professionals tried their hands at developing Insurtech solutions that could lower quotes and make the underwriting process more efficient.
Insurtech continues to bring promise of disruption and innovation to the industry, as one expert expects a transition from big numbers to big data, allowing for a more granular approach to pricing risks.
A startup claiming to predict disaster damage and optimize response has attracted insurers’ interest, but flaws in the methodology could put carrier partners at risk.